Q2-26 preview: pass car margin sequentially improving

研报英文原文证据摘录

Q2-26 preview: pass car margin sequentially improving

Deutsche Bank

Research

Rating Company Date

Hold Nokian Tyres 30 June 2026

Company Update

Europe

Finland

Reuters Bloomberg Exchange Ticker Price at 26 Jun 2026 (EUR) 12.05

TYRES.HE TYRES FH HEX TYRES

Price Target (EUR) 9.00

Autos

ADR ISIN 52-week range (EUR) 12.68 - 6.14

Tires

NKRKY US65528V1070

Q2-26 preview: pass car margin

Valuation & Risks sequentially improving

Christoph Laskawi

Q2-26 due on July 17, 2026 Research Analyst

Nokian Tyres is set to report Q2-26 numbers on July 17 and will host a conference +49-69-910-31924

call the same day. We model sequential earnings improvements especially in Pass

Nicolai Kempf

Car tyres and the usual seasonality of Vianor. As a result of the expected Q2-26 Research Analyst

numbers, we do not see a need for the company to adjust the FY26 outlook. +49-162-5168792

Tim Rokossa

Q2-26 preview in more detail: strong price/mix expected Head of European Equity Research

For Q2-26, we model top-line growth in low-single digits for the group but see Pass +49-69-910-31998

Car up in high-single digits. The latter is driven by strong price/mix, which should

Nikita Papaccio

also push margins for the division into the high-single digits. Heavy Tyre margins are

Research Analyst

expected to be down sequentially from high levels in Q1 but Vianor margins are +49-69-910-48637

expected to follow the usual seasonality and move into positive territory with Q2.

Due to continued working capital build we still model a negative FCF despite low Mira Wiegratz

Research Associate

capex.

+49-69-9103-1733

Outlook: no changes expected

With the expected delivery of sequential earnings improvements, we do not expect

Nokian Tyres to adjust guidance. The company currently guides for top-line growth